Bank of Canada raises key interest rate to 0.5%

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The Bank of Canada announced a widely-expected 25 basis point rate hike, bringing its bench mark lending rate to half a per cent.

This is he first time the bank has hiked, since it was forced to slash interest rates to emergency levels at the start of the pandemic.

It is the smallest move higher but it is sure sign it’s time to start saying goodbye to rock bottom interest rates.

Prices at the pump, prices at the grocery store and prices pretty much everywhere else are climbing.

Anne Gaviola has more.